In the context of increasingly serious climate change, the forest carbon credit market has emerged as a sustainable economic opportunity for Vietnam. New policies and international agreements are paving the way for revenue from “green gold” - forest carbon credits, which not only help protect natural resources but also create long-term, sustainable development opportunities for localities and communities. High-tech agricultural production models and sustainable agricultural development have brought outstanding economic efficiency to people in Dak Mil border district, Dak Nong province. In particular, from advanced agricultural models, ethnic minorities in the district have gradually changed their production habits, developed agricultural economy, and improved their lives. At exactly 7:10 p.m. local time (5:10 p.m. Hanoi time) on December 3, National Assembly Chairman Tran Thanh Man and his wife, along with a high-ranking delegation of the Vietnamese National Assembly, arrived in Tokyo, starting an official visit to Japan from December 3-7 at the invitation of President of the Japanese Senate Sekiguchi Masakazu and his wife. In early 2024, party members in the Mo O O O village Party Cell, Thuong Hoa commune, Minh Hoa district, Quang Binh province unanimously voted to implement the regulation that party members do not drink alcohol in the morning and limit alcohol in the evening. After nearly a year of implementation, the Party members of the Mo O O O Party Cell have changed their drinking habits and continue to encourage the Ruc people to follow suit to focus on business, develop the economy, and build cultural villages. Lak District, Dak Lak Province is the cradle of the brocade weaving profession of the Mnong people. However, the Mnong people are increasingly using traditional costumes, the number of people maintaining the weaving profession is also decreasing, and the original traditional brocade motifs are gradually disappearing. With a burning desire to find the quintessence of traditional brocade of her people, Ms. H'Kim Hoa Byă, Head of the Dak Lak Provincial Party Committee's Mass Mobilization Committee, traveled to all villages to find knowledgeable people to revive Mnong brocade. High-tech agricultural production models and sustainable agricultural development have brought outstanding economic efficiency to the people of Dak Mil border district, Dak Nong province. In particular, from advanced agricultural models, ethnic minorities in the district have gradually changed their production habits, developed agricultural economy, and improved their lives. The Northwest is not only a land of majestic and beautiful natural landscapes, but also diverse ethnic cultural identities. In recent years, many provinces in the Northwest region have taken advantage of local potential and advantages to promote rural tourism development, bringing practical results, contributing to generating income and improving people's lives. In the context of increasingly serious climate change, the forest carbon credit market has emerged as a sustainable economic opportunity for Vietnam. New policies and international agreements are paving the way for revenue from "green gold" - forest carbon credits, not only helping to protect natural resources but also creating long-term, sustainable development opportunities for localities and communities. General news of Ethnic and Development Newspaper. This morning's news, December 4, has the following notable information: Palm sugar making recognized as a national intangible cultural heritage. Wishes in Ra Nhong. Muong Te - Convergence of traditional colors. Along with other current news in ethnic minority and mountainous areas. Here is the detailed information. As a Tay ethnic person, teacher Vi Van Ha has devoted 16 years to education in the highlands and ethnic minority areas of Luc Ngan district, Bac Giang province. Teacher Ha shared that, seeing poor students overcoming difficulties to stay in school and class, he feels more and more responsible to learn, improve knowledge, experience, and skills to teach, spread the love of learning to the children here... Every year, on October 1st of the lunar calendar, the Xa Phang people (a local group of the Hoa ethnic group) celebrate the Buffalo and Cow Festival. According to the Xa Phang people's concept, buffaloes and cows are not only the greatest assets but also the companions of the people in their daily lives. The implementation of the Project to Support the Development of Reproductive Cattle Breeding Production under the National Target Program (NTP) for Sustainable Poverty Reduction in 2024 aims to create livelihoods for households in difficult circumstances to develop the economy and escape poverty sustainably; In addition to supporting livestock breeds, the Thai Nguyen Provincial Agricultural Extension Center also actively guides people on technical knowledge to contribute to improving livestock farming efficiency, ensuring that projects are implemented effectively. With a difficult mountainous area, the majority of ethnic minorities, Tan Lac district (Hoa Binh province) is implementing many solutions to take care of health, improve nutrition and physical strength for women and children in highland and ethnic minority areas in the area. During 3 days of exciting and fierce competition (December 1-3), athletes participating in the 17th Vietnam Journalists Association Table Tennis Championship - competing for the 2024 Golden Star Cup have contributed many good and beautiful matches, leaving a good impression on the audience, contributing to the great success of the tournament.
Positive signals
On October 22, 2020, the Ministry of Agriculture and Rural Development of Vietnam and the International Bank for Reconstruction and Development (IBRD) of the World Bank Group signed the North Central Region Emission Reduction Payment Agreement (ERPA) - laying the foundation for a new journey in reducing emissions through forest protection in the North Central region.
After 3 years of implementation, in 2023, for the first time in Vietnam, the forestry sector successfully transferred 10.3 million natural forest carbon credits (10.3 million tons of CO2) in the period of 2018 - 2019 to the World Bank (WB) at a unit price of 5 USD/ton.
With plans to build a domestic carbon market by 2028 and expected to connect to international markets by 2029, Vietnam is aiming to become an attractive investment destination in the region while meeting global climate protection requirements.
According to the signed Agreement, Vietnam will transfer 10.3 million tons of CO2 to reduce emissions in the period of 2018 - 2024, however, the measurement results of the first period (2018 - 2019) reached 16.21 million tons of CO2, achieving the initial commitment. To date, the Vietnam Forest Protection and Development Fund has received 51.5 million USD from the World Bank and coordinated with 6 provinces in the North Central region to make payments to beneficiaries according to regulations.
According to Mr. Pham Hong Luong, Deputy Director of the Department of Forestry, Ministry of Agriculture and Rural Development, the transfer of emission reduction results in the North Central region also has many positive impacts.
“First of all, for forest owners, it helps improve their capacity in forest management, access to new methods and approaches, and better forest management. Second, raising awareness for the community also helps people understand the benefits of forests. In the process of monitoring and supervising forest developments, all of these factors have a great impact, supporting us a lot in our efforts to manage, protect, and develop forests sustainably,” said Mr. Luong.
Decree No. 107/2022/ND-CP of the Government dated December 28, 2022 also provides an important legal framework to closely manage and monitor forest carbon credit activities in Vietnam. This Decree not only specifies the payment method and distribution of revenue from carbon credits but also provides detailed instructions to ensure transparency and fairness in financial payments to communities living on forests. This is a necessary legal change, helping forest emission reduction activities in Vietnam have a more solid operational basis.
“Green gold treasure” for the community
Vietnam has many favorable factors to develop a forest carbon credit market thanks to its large forest area of over 14.8 million hectares and diverse ecosystems. This market also opens up significant economic benefits for ethnic minority communities and people living on forests, while helping them shift from purely agricultural livelihoods to a more valuable and sustainable environmental protection model.
According to the report of the Food and Agriculture Organization of the United Nations (FAO) on the assessment of global forest resources, while the world's forest area is decreasing sharply and the planted forest area is low, Vietnam is one of the 10 countries in the world with the highest increase in forest area and the largest planted forest area in the world.
According to Deputy Director of the Forestry Department Pham Hong Luong, Vietnam is a country with a fairly high forest coverage rate, more than 42%. According to preliminary calculations by scientists from 2021 - 2030, the total amount of emissions reduction results and forest carbon credits can reach more than 165,000 tons of CO2 and if Vietnam implements its Nationally Determined Contribution (NDC), the rest we can transfer carbon credits.
“This will be a huge potential but of course in the coming time more efforts are needed to achieve this goal,” Mr. Pham Hong Luong shared.
Forest carbon credits are generated from greenhouse gas emission reduction project activities such as reducing deforestation and forest degradation; enhancing afforestation, reforestation, vegetation regeneration and enhancing forest management activities, which are complementary, measured, assessed and certified according to certain standards.
However, for the carbon credit market to be highly effective, developing a team of experts, applying monitoring technology, and enhancing training for communities participating in carbon credit projects are also important factors that determine the sustainability of the market. Experts say that without technical support and investment, the carbon credit market is unlikely to reach its full potential.
Deputy Director of the Forestry Department, Mr. Pham Hong Luong added that Vietnam currently has the Forestry Law and the Environmental Protection Law, which are framework laws to provide regulations on forest carbon sequestration and storage services. However, we also need to have more detailed decrees such as regulations on what carbon rights are, applicable carbon standards, regulations on certification organizations or appraisal of emission reduction results, project registration procedures, and project implementation organizations.
“The process of assessment and monitoring to achieve carbon credits needs to be regulated in detail. Therefore, in the coming time, we must continue to perfect and develop a detailed decree based on the pilot results in the North Central region,” Mr. Luong affirmed.
Currently, ministries and sectors are also building and perfecting the legal basis and institutional, technical and capacity conditions to deploy the domestic carbon market and participate in the world carbon market. Accelerating the legal corridor and specific guidelines will contribute to realizing the goal of piloting a carbon credit trading floor by 2025 set by the Government.
Source: https://baodantoc.vn/thi-truong-tin-chi-carbon-rung-nguon-luc-xanh-cho-nen-kinh-te-1733016775903.htm
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